Example of Newport News City Property Tax Calculation
Newport News City Property Tax calculation is based on the assessed value of the property owned by the taxpayer. The City's Assessor's Office determines the assessed value of the property by taking into consideration factors such as the property's size, location, and condition. The assessed value is then multiplied by the current tax rate, which for the year 2021 is $1.10 per $100 of assessed value.
For example, if a 10-year-old owns a property in Newport News that has an assessed value of $100,000, the property tax calculation would be as follows:
Assessed value of property = $100,000 Tax rate = $1.10 per $100 of assessed value Property tax = $100,000 รท 100 x $1.10 = $1,100
Therefore, the 10-year-old would owe $1,100 in property taxes for the year on their Newport News property.
If you want appeal your property tax assessment - contact your local tax assessor.
Newport News City Property Tax Rates
Here are the Newport News City Property Tax rates in a formatted table:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Real Estate | $1.10 |
| Personal Property | $4.20 |
| Machinery & Tools | $1.50 |
Note that the rates are stated in US dollars and are subject to change. It's important to keep up with these rates as they can affect your tax obligations as a property owner in Newport News City.
Who sets property tax rates in Newport News City ?
In Newport News City, the property tax rates are set by the City Council. This happens annually as part of the budget process, typically in May or June. The rates are based on the assessed value of the property and are used to fund city services, such as schools, police, and fire departments. Property owners in Newport News City should receive a tax bill in the mail each year, which will indicate the current tax rates and the amount due. It's important to note that failure to pay property taxes can result in penalties, interest, and even the loss of the property through a tax sale.
Homestead exemptions in Newport News City ?
In Newport News City, Virginia, there are various Homestead exemptions and deductions available to eligible residents. The following table outlines the specific exemptions, eligibility requirements, maximum amount, and notable information for each type of exemption or deduction in Newport News City:
| Exemption/Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| Elderly or Disabled Exemption | Age 65+ or disabled, and annual income of $87,500 or less | Up to $10,000 assessed value reduction | Must apply annually by June 30th |
| Disabled Veteran Exemption | Honorably discharged veteran with 100% service-connected disability | Up to $20,000 assessed value reduction | Must apply with the Department of Veterans Affairs and annually by June 30th |
| Surviving Spouse of a Military Service Member Exemption | Unremarried surviving spouse of a service member killed in action | Up to $10,000 assessed value reduction | Must apply with the Department of Veterans Affairs within 5 years of spouse's death |
| Land Use Assessment | Land must be used for agricultural or horticultural purposes | Varies based on use | Must apply by November 1st |
| Disabled Accessibility Exemption | Resident with a disability who modifies residence for accessibility | Up to $50,000 assessed value reduction | Must apply with the Assessor's Office and provide receipts for modifications |
Residents of Newport News City, Virginia, should be aware of these Homestead exemptions and deductions as they may be eligible to significantly reduce their property tax assessments. It is recommended to contact the Assessor's Office or Department of Veterans Affairs for more information or to apply for these exemptions.
When is Newport News City Property Tax due ?
Newport News City Property Tax is typically due on December 5th of every year. Here are a few things you should know about paying your property tax:
Payment Methods
| Method | How To |
|---|---|
| Online | Visit the city's website to pay your property taxes online using a credit card or e-check. |
| You can mail a check or money order to the Newport News City Treasurer's Office. | |
| In Person | You can also pay your property taxes in person at the Treasurer's Office. |
Penalties for Late Payment
If you don't pay your property taxes by the due date, you may be subject to late payment penalties. The penalties are:
- 10% penalty if paid after December 5th but before February 1st.
- 10% penalty plus an additional 10% interest if paid after February 1st.
Payment Plans
If you're struggling to pay your property taxes, you may be able to set up a payment plan with the city. Contact the Treasurer's Office to discuss your options.
Remember, paying your property taxes on time is important to avoid penalties and maintain a good standing with the city.
If you have more questions - contact your local tax collector.
How is Newport News City Property Tax penalty calculated ?
Newport News City Property Tax penalty is calculated based on the amount of unpaid taxes and the number of days past the due date. The penalty is calculated at a rate of 10 percent per year, which equates to 0.0274 percent per day.
Here is an example to illustrate how the penalty is calculated:
| Scenario | Details |
|---|---|
| Base Property Tax | $2,000 |
| Due Date | June 30 |
| Payment Date | September 30 |
| Number of Days Past Due | 92 |
| Penalty Rate | 0.0274% per day |
| Penalty Calculation | $2,000 x 0.0274% x 92 = $50.65 |
In this scenario, the property owner missed the June 30 due date by 92 days and did not make any payments during that time. Thus, the penalty would be calculated as $50.65, in addition to the base property tax of $2,000.
It is important to note that the penalty will continue to accrue until the taxes are paid in full. Property owners should always make sure to pay their property taxes on time to avoid any unnecessary penalties.
We recommend contacting the Newport News City Tax Office or a local tax professional for the most up-to-date and accurate information.